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Quotation vs Bid

English translation: estimate vs offer of service for a price

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Quotation vs Bid
English translation:estimate vs offer of service for a price
Entered by: Empty Whiskey Glass
Options:
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- Include in personal glossary

10:08 May 7, 2005
English to English translations [PRO]
Bus/Financial - Finance (general)
English term or phrase: Quotation vs Bid
What is the difference?

Thanks!
Empty Whiskey Glass
Local time: 10:06
estimate vs offer of service for a price
Explanation:
quotation is a contractor or service provider's estimation of costs, whereas bid is offer of service to someone for a price.
Selected response from:

Balasubramaniam L.
India
Local time: 12:36
Grading comment
Thanks!
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +4estimate vs offer of service for a price
Balasubramaniam L.
3 +3quotation/bid
Direct Farsi
5not for grading - in support of Balasubramaniam's versionxxxTatiana Nero
3The naming or publishing of current bids and offers
Iolanta Vlaykova Paneva


Discussion entries: 1





  

Answers


18 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +3
quotation vs bid
quotation/bid


Explanation:
You "Bid" when you want to submit a price to a tender or auction but you "Quote" when you are giving a price for a commodity or service in general.

Direct Farsi
Canada
Local time: 03:06
Native speaker of: Native in Farsi (Persian)Farsi (Persian), Native in Persian (Farsi)Persian (Farsi)

Peer comments on this answer (and responses from the answerer)
agree  Mihaela Brooks
57 mins

agree  juvera
1 hr

agree  Pike
1 hr

neutral  Charlie Bavington: I see what you mean, but a "quote" is also a response to a specific request, e.g. for a translation project, or to put a new roof on my house...:-)
3 hrs
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12 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
quotation vs bid
The naming or publishing of current bids and offers


Explanation:
anglais
français

quotation
cotation n. f.


Définition :
The naming or publishing of current bids and offers or current prices of securities or commodities.

Comparison of LIFFE CONNECT® and Annualised pricing conventions for pack and bundle strategies
An alternative pricing convention is the Annualised pricing convention. This quotation is obtainable from the LIFFE CONNECT® quotation simply by dividing by the number of legs in the pack or bundle i.e. it represents the net average change. The result is typically quoted in basis points. Since there are four legs in the pack example above the Annualised pricing quotation will be -5/8 bid versus +3/8 offered (i.e. -0.625 bid versus +0.375 offered).





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Note added at 18 mins (2005-05-07 10:26:19 GMT)
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Bid/No Bid Decision
The decision whether or not to submit a proposal in response to a request for proposal/quotation/




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Note added at 19 mins (2005-05-07 10:27:32 GMT)
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quotation-request for proposal
bid-The decision whether or not to submit a proposal in response to a request for proposal

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Note added at 55 mins (2005-05-07 11:03:34 GMT)
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....to the vendor submitting the quotation determined to represent the best value based upon the following evaluation factors (listed in descending order of importance): price, technical compliance, management/transition approach, and past performance

Bid Opening:

Evaluation: During the period of evaluation and prior to award, possession of bids and accompanying information is limited to the University personnel involved in the evaluation process. At the discretion of the appropriate buyer, vendors may be contacted where clarification of a proposal is necessary for proper evaluation; however, in doing so, no change is permitted in prices.

Being the \"low bidder\" does not necessarily mean that an award will be made to that vendor. The purpose of the evaluation process is to determine the lowest responsive and responsible bidder, taking into consideration selection criteria in the RFQ/RFP and the factors spelled out by procedure and statute.


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Note added at 1 hr 2 mins (2005-05-07 11:10:21 GMT)
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Bid Evaluation
A comparison of bids received, including an assessment of the validity of each compared to the tendering requirements. [D02416]
PD-U
Review and analysis of response to determine supplier\'s ability to perform the work as requested. This activity may include an evaluation of suppliers financial resources. ability to comply with technical criteria and delivery schedules, satisfactory record of performance and eligibility for award. [D00152]
http://64.233.183.104/search?q=cache:w3ju0yc2gBkJ:www.pmforu...


Iolanta Vlaykova Paneva
Canada
Local time: 03:06
Works in field
Native speaker of: Bulgarian
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2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +4
quotation vs bid
estimate vs offer of service for a price


Explanation:
quotation is a contractor or service provider's estimation of costs, whereas bid is offer of service to someone for a price.

Balasubramaniam L.
India
Local time: 12:36
Specializes in field
Native speaker of: Native in HindiHindi
PRO pts in category: 16
Grading comment
Thanks!

Peer comments on this answer (and responses from the answerer)
agree  Robert Donahue
14 mins
  -> Thanks.

agree  Elizabeth Lyons
1 hr
  -> Thanks

agree  xxxTatiana Nero: absolutely
1 hr
  -> Thanks

agree  xxxAlfa Trans
1 day4 hrs
  -> Thanks
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3 hrs   confidence: Answerer confidence 5/5
quotation vs bid
not for grading - in support of Balasubramaniam's version


Explanation:
I think that Balasubramaniam's version is the best, I'll just elaborate a little:

a quotation is an "invitation for an offer", an estimate in contemplation of an offer, but a quotation is not an offer itself and not a part of a contract or plays no part in contract formation.


a bid IS an offer and a vital element of contract formation

When there is a dispute as to if the contract was actually formed, a determination by the court that a certain letter was a "quotation" will result in a ruling of "no contract was formed", while if the determination is made that the document was "a bid" - the ruling will be that there is a valid binding contract.


xxxTatiana Nero
Local time: 03:06
Specializes in field
Native speaker of: Native in RussianRussian
PRO pts in category: 8
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